Global Synthetic Rubber Market: Overview

Both fragmented and competitive, the global synthetic rubbers market is choc-o-bloc with large, medium, and small players. To beat competition in such a cutthroat environment, the deep-pocketed players are seen upping spends on research and development to launch better products. They are also banking heavily on an agile supply chain and proactive marketing and advertising. In order to grow, they are looking to foray into high growth markets in developing economies of the world through carefully-considered mergers and acquisitions.

All such initiatives by players is expected to have a positive impact on the global synthetic rubber market. Besides, high cost of natural rubbers owing to their depleting plantations across the world is another factor providing tailwinds to the global synthetic rubber market. To satisfy the rising demand from the automobiles and construction sector, the cheaper synthetic rubbers have emerged as a viable alternative.  

The global synthetic rubber market is predicted to rise at a 5.1% CAGR over the course of the forecast period starting from 2015 and ending in 2023. At this pace, the market is predicted to attain a value of US$45,767.1 mn by 2023.

Tires Serve to Drive Maximum Demand in Global Synthetic Rubber Market

Synthetic rubber finds usage in making footwear, industrial goods, asphalt overlay, tires, and adhesives. Of them, the tires segment generates most of the demand in the market and going forward is predicted to maintain its lead in generating demand. Players are also coming up with eco-friendly versions since that contain silica which reduces roll resistance. This in turn helps to consume lesser amounts of fuel.

Currently, styrene butadiene rubber (SBR), a type of synthetic rubber, accounts for most of the share in the market. This is because, it can be processed easily and offers heat aging. It is also resistant to abrasion. Used mainly for car tire manufacture, where it is mixed with natural rubber at times, SBR also finds application in making gaskets, conveyor belts, floor tiles, hoses, adhesives, and footwear.

Meanwhile, nitrile butadiene rubber (NBR) – another product type – is making a compelling bid for dominant share in the global synthetic rubber market. Reason behind it is the increasing demand for NBR in automotive applications.

Asia Pacific, Powered by China, Leads Market

At present, Asia Pacific accounts for a leading share in the global synthetic rubber market and going forward too is predicted to hold on to its leading share by rising impressively. The growth in the market is mainly powered by the fastest growing economies in the region – China and India. Malaysia is another major consumer of rubber in the region. This is because of the rising sales of automobiles in the two nations. A burgeoning construction sector and increase in infrastructure building is also expected to have a positive impact on the market in the region. The soaring demand for green tires is predicted to positively influence the market in near term.

With respect to production in the global synthetic rubber market too, Asia Pacific leads. In fact, the Chinese petroleum and chemical company Sinopec is one of the world’s largest synthetic rubber production facilities.

Synthetic rubber market in the Middle East and Africa and North America is also predicted to rise at a steady pace in the next couple of years because of the growing construction activities and car sales in the regions.

Prominent participants in the global synthetic rubber market are Versalis S.p.A., Asahi Kasei Corporation, DuPont, KUMHO PETROCHEMICAL, The Dow Chemical Company, and Sumitomo Chemical Co.

 
This report analyzes and forecasts the market for synthetic rubber at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2015 to 2023. The study includes drivers and restraints of the global synthetic rubber market. It also covers the impact of these drivers and restraints on demand for synthetic rubber during the forecast period. The report also highlights the opportunities in the synthetic rubber market at the global and regional level. 
 
The report includes a detailed value chain analysis, which provides a comprehensive view of the global synthetic rubber market. Porter’s Five Forces model for the synthetic rubber market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
 
The study provides a decisive view of the global synthetic rubber market by segmenting it in terms of products and end-users. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual products and end-user segments in all the regions.
 
The study includes profiles of major companies operating in the global synthetic rubber market. Key players profiled in the report include LANXESS AG, China Petroleum & Chemical Corporation (Sinopec Corporation), China National Petroleum Corporation (CNPC), KUMHO PETROCHEMICAL, TSRC Corporation, Asahi Kasei Corporation, ExxonMobil Corporation (ExxonMobil), DuPont, Dynasol Elastomers, Sumitomo Chemical Co., Ltd., The Dow Chemical Company, and Versalis S.p.A. Market players are profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
 
The report provides the estimated market size of synthetic rubber for 2015 and forecast for the next eight years. The global market size of synthetic rubber is provided in terms of both volume as well as revenue. Market volume is defined in kilo tons, while market revenue is in US$ Mn. Market numbers are estimated based on key product segments and end-user segments of synthetic rubber. Market size and forecast for each major product and end-user is provided in terms of global and regional markets.
 
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
 
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, Plastemart magazine, TPE magazine, internal and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoovers, oneSOURCE, Factiva, and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.
 
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
 
The report segments the global synthetic rubber market as:
 
Synthetic Rubber Market: Product Segment Analysis
  • Styrene Butadiene Rubber (SBR)
  • Polybutadiene (BR)
  • Ethylene‐propylene (EPDM)
  • Nitrile Butadiene Rubber (NBR)
  • Others (IIR, CR, TPR, ABS, etc.)
Synthetic Rubber Market: End-user Segment Analysis
  • Tires
  • Industrial goods
  • Footwear
  • Others (adhesives, asphalt overlay, etc.)
Synthetic Rubber Market: Regional Analysis
  • North America
    • U.S.
    • Rest of North America
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Turkey
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC 
    • South Africa
    • Rest of MEA
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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